Tribal Rides International Corp. Announces Strategic Shift Towards Green Hydrogen Solutions and Leadership Appointments
Tribal Rides International Corp. has announced major strategic changes focused on green hydrogen solutions. The company completed two significant transactions: the sale of its patents to Boumarang Inc., securing a $5 million equity stake, and the acquisition of Singta Inc. through the issuance of 400 million restricted common shares.
The company also underwent leadership restructuring with Joseph Grimes resigning as CEO, alongside directors Sanjay Prasad and Steven Ritacco. Adam Clode has been appointed as the new CEO, bringing experience in resource project development. Candice Beaumont, CIO of L Investments, and John McMullen, who will serve as interim CEO of Singta Inc., have joined the board of directors.
Tribal Rides International Corp. ha annunciato importanti cambiamenti strategici focalizzati sulle soluzioni di idrogeno verde. L'azienda ha completato due transazioni significative: la vendita dei propri brevetti a Boumarang Inc., assicurandosi una partecipazione azionaria di 5 milioni di dollari, e l'acquisizione di Singta Inc. tramite l'emissione di 400 milioni di azioni ordinarie vincolate.
L'azienda ha anche subito una ristrutturazione della leadership con le dimissioni di Joseph Grimes come CEO, insieme ai direttori Sanjay Prasad e Steven Ritacco. Adam Clode è stato nominato nuovo CEO, portando con sé esperienza nello sviluppo di progetti di risorse. Candice Beaumont, CIO di L Investments, e John McMullen, che servirà come CEO ad interim di Singta Inc., si sono uniti al consiglio di amministrazione.
Tribal Rides International Corp. ha anunciado importantes cambios estratégicos centrados en soluciones de hidrógeno verde. La empresa completó dos transacciones significativas: la venta de sus patentes a Boumarang Inc., asegurando una participación de capital de 5 millones de dólares, y la adquisición de Singta Inc. mediante la emisión de 400 millones de acciones comunes restringidas.
La empresa también experimentó una reestructuración del liderazgo con la renuncia de Joseph Grimes como CEO, junto a los directores Sanjay Prasad y Steven Ritacco. Adam Clode ha sido nombrado nuevo CEO, trayendo experiencia en el desarrollo de proyectos de recursos. Candice Beaumont, CIO de L Investments, y John McMullen, quien servirá como CEO interino de Singta Inc., se han unido a la junta directiva.
Tribal Rides International Corp.는 녹색 수소 솔루션에 초점을 맞춘 주요 전략적 변화를 발표했습니다. 이 회사는 두 가지 중요한 거래를 완료했습니다: Boumarang Inc.에 특허를 판매하여 500만 달러의 지분을 확보하고, 4억 주의 제한된 보통주를 발행하여 Singta Inc.를 인수했습니다.
회사는 또한 Joseph Grimes가 CEO로서 사임하고 Sanjay Prasad 및 Steven Ritacco 이사가 사임하는 등 리더십 구조 조정을 겪었습니다. Adam Clode가 새로운 CEO로 임명되어 자원 프로젝트 개발 경험을 가지고 있습니다. Candice Beaumont, L Investments의 CIO, 및 John McMullen, Singta Inc.의 임시 CEO로 임명된 인물이 이사회에 합류했습니다.
Tribal Rides International Corp. a annoncé d'importants changements stratégiques axés sur les solutions d'hydrogène vert. L'entreprise a finalisé deux transactions significatives : la vente de ses brevets à Boumarang Inc., garantissant une participation de 5 millions de dollars, et l'acquisition de Singta Inc. par l'émission de 400 millions d'actions ordinaires restreintes.
L'entreprise a également subi une restructuration de la direction avec la démission de Joseph Grimes en tant que PDG, ainsi que des directeurs Sanjay Prasad et Steven Ritacco. Adam Clode a été nommé nouveau PDG, apportant son expérience dans le développement de projets de ressources. Candice Beaumont, CIO de L Investments, et John McMullen, qui sera le PDG par intérim de Singta Inc., ont rejoint le conseil d'administration.
Tribal Rides International Corp. hat bedeutende strategische Veränderungen bekannt gegeben, die sich auf grüne Wasserstofflösungen konzentrieren. Das Unternehmen hat zwei bedeutende Transaktionen abgeschlossen: den Verkauf seiner Patente an Boumarang Inc., wodurch eine Beteiligung von 5 Millionen Dollar gesichert wurde, und die Übernahme von Singta Inc. durch die Ausgabe von 400 Millionen beschränkten Stammaktien.
Das Unternehmen hat auch eine Umstrukturierung der Führungsebene durchlaufen, wobei Joseph Grimes als CEO zurückgetreten ist, zusammen mit den Direktoren Sanjay Prasad und Steven Ritacco. Adam Clode wurde zum neuen CEO ernannt und bringt Erfahrung in der Entwicklung von Ressourcenprojekten mit. Candice Beaumont, CIO von L Investments, und John McMullen, der als interimistischer CEO von Singta Inc. fungieren wird, sind dem Vorstand beigetreten.
- Secured $5 million equity stake through IP sale to Boumarang
- Strategic acquisition of Singta Inc., expanding into green hydrogen solutions
- Appointment of experienced leadership team with relevant industry expertise
- Significant shareholder dilution through issuance of 400 million new shares
- Complete departure of previous management team indicating potential strategic risks
- Major business model pivot creating execution uncertainty
MISSION VIEJO, CA / ACCESS Newswire / February 13, 2025 / Tribal Rides International Corp. (the "Company") is pleased to announce a significant strategic transition, underscored by recent corporate actions aimed at positioning the Company at the forefront of the green hydrogen economy.
Strategic Business Developments:
1. Intellectual Property Divestiture: The Company has successfully completed the sale of its proprietary patents and intellectual properties to Boumarang, Inc., an AI-driven enterprise specializing in hydrogen-powered drones. In exchange, Tribal Rides has secured an equity stake valued at
2. Acquisition of Singta Inc.: On February 6, 2025, the Company acquired
Leadership Transitions:
In alignment with these strategic initiatives, the Company announces the following leadership changes:
Resignations:
Joseph Grimes has resigned from his roles as Chief Executive Officer, Officer, and Director of Tribal Rides International Corp. Additionally, Sanjay Prasad and Steven Ritacco have resigned from their positions as Directors.
Appointments:
Adam Clode has been appointed as the new Chief Executive Officer, Officer, and Director. Mr. Clode brings extensive experience in developing resource projects from defined resources through to operations across Africa, Asia, and Australia. He holds an honors degree from the University of Western Australia and has held key positions, including Site Manager for Equinox's Lumwana Copper Project in Zambia and Interim CEO at Kainantu Resources Ltd.
Candice Beaumont joins the Board of Directors. Ms. Beaumont is the Chief Investment Officer of L Investments, a single-family office with an endowment-style portfolio of public and private equity. She also serves as Chairman of the Salsano Group, a Panama-based family office, and has been recognized as a Young Global Leader by the World Economic Forum.
John McMullen has been appointed as a Director of the Company and will also serve as the interim CEO of Singta Inc. Mr. McMullen is a seasoned financial leader with over 30 years of experience in both public and private markets with a strong track record in corporate restructuring, mergers and acquisitions, and strategic investment management. Currently, he operates Cl3ar Inc., where he consults and supports companies across industries.
These strategic decisions underscore Tribal Rides International Corp.'s commitment to pioneering sustainable energy solutions and leading the transition towards a carbon-neutral future.
About Tribal Rides International Corp.:
Tribal Rides International Corp., headquartered in Mission Viejo, California, is dedicated to advancing sustainable energy solutions, with a focus on the green hydrogen economy. Through strategic acquisitions and leadership appointments, the Company is poised to play a pivotal role in the global shift towards sustainable energy.
For media inquiries, please contact:
Investor Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com
SOURCE: Tribal Rides/Xinda International, Inc.
View the original press release on ACCESS Newswire
FAQ
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